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DO NOT ANSWER IF NOT SURE Matrix Inc. calculates cost for an equivalent unit of production using both the weighted-average and the FIFO methods. Data
DO NOT ANSWER IF NOT SURE
| Matrix Inc. calculates cost for an equivalent unit of production using both the weighted-average and the FIFO methods. | ||||||||||
| Data for July | ||||||||||
| Work-in-process inventory, July 1 (37,700 units) | ||||||||||
| Direct materials (100% completed) | $130,210 | |||||||||
| Conversion (52% completed) | $82,180 | |||||||||
| Balance in work in process inventory, July 1 | $212,390 | |||||||||
| Units started during July | 96,000 | |||||||||
| Units completed and transferred | 108,000 | |||||||||
| Work-in-process inventory, July 31 | ||||||||||
| Direct materials (100% completed) | 25,700 | |||||||||
| Conversion (53% completed) | ||||||||||
| Cost incurred during July | ||||||||||
| Direct materials | $188,000 | |||||||||
| Conversion costs | $308,800 | |||||||||
| The cost of goods completed and transferred out under the weighted-average method is calculated to be: | ||||||||||
| $602,235 | ||||||||||
| $605,235 | ||||||||||
| $604,235 | ||||||||||
| $606,235 | ||||||||||
| $603,235 | ||||||||||
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